Geely Automobile's new energy transformation has yielded fruitful results, and multiple brands have made concerted efforts to lead the new trend of the industry
2023 will be a year of new energy transformation and upgrading for Geely Automobile. Over the past year, the proportion of the company's new energy products has increased steadily, with a penetration rate of 29% and a monthly penetration rate of more than 40%. Gross profit improved significantly due to product mix optimization, cost reduction and scale effect, with total gross profit increasing by 31% year-on-year to RMB27.4 billion, and gross profit margin increasing from 14.1% in 2022 to 15.3%.
Geely Automobile has made remarkable achievements in the field of new energy through the collaborative efforts of multiple brands. Its Geely brand, Lynk & Co brand, and Zeekr brand have launched hot-selling new energy models, helping the company's new energy sales to increase by 48% year-on-year to 487,000 units, a record high.
As a mid-to-high-end new energy series of the Geely brand, since the release of the Galaxy series in February 2023, the Galaxy L7, L6, and E8 models have been closely listed, forming a product layout of pure electric + electric hybrid, sedan + SUV in the mainstream new energy market, and achieving cumulative sales of more than 110,000 units in 9 months of listing. The Lynk & Co brand achieved annual sales of more than 220,000 units, a year-on-year increase of more than 22%, becoming the fastest Chinese high-end car brand to exceed one million units. The ZEEKR brand delivered 119,000 units for the year, a year-on-year increase of 65%, and its four models have become benchmarks in the market segment.
Geely Automobile's new energy transformation has yielded fruitful results, and multiple brands have made concerted efforts to lead the new trend of the industry
In 2023, Geely Automobile has made remarkable achievements in the new energy transformation. Its Geely brand, Lynk & Co brand, and Zeekr brand have launched hot-selling new energy models, helping the company's new energy sales to increase by 48% year-on-year to 487,000 units, a record high.
Among the Geely brands, the Galaxy series has been popular since its launch. The three models of Galaxy L7, L6 and E8 quickly deployed in the pure electric + electric hybrid, sedan + SUV market, and exceeded 110,000 sales within 9 months of listing. The Galaxy L7 has set the fastest record of "monthly sales exceeding 10,000" for hybrid SUVs.
The Lynk & Co brand is dominated by the EM-P super hybrid solution, with annual sales exceeding 220,000 units, a year-on-year increase of 22%. Among them, the Lynk & Co 08 EM-P has sold more than 10,000 units in the first month since its launch, becoming a popular mid-to-high-end plug-in hybrid SUV. In November, Lynk & Co welcomed its 1 million car owners, becoming the fastest Chinese high-end brand to exceed one million sales.
ZEEKR has gained a firm foothold in the luxury pure electric market with its excellent product strength. The annual delivery of 119,000 units, a year-on-year increase of 65%, its ZEEKR 001, ZEEKR X, ZEEKR 009 and other models have become market leaders.
Behind the brand's synergy is Geely Holding's determination to concentrate superior resources and increase R&D investment. In the past 10 years, Geely has invested more than 200 billion yuan in R&D. In the first half of 2023, R&D investment increased by 62.8% year-on-year to RMB5.91 billion, and we continued to increase independent innovation in science and technology.
A series of self-developed black technologies have been implemented one after another, such as Haohan Architecture, Leishen Power, Flyme Auto system, Galaxy NOS, Aegis battery, "Dragon Eagle No. 1" chip, etc., fully empowering Geely's new energy products.
ZEEKR 001 FR is equipped with Geely's self-developed four-motor distributed electric drive, ZVC four-wheel torque vectoring and other black technologies, achieving 0-100km/h acceleration in 2.02 seconds; ZEEKR 007 is the world's first mass-produced 800V fast-charging lithium iron phosphate battery model.
Geely Automobile's new energy transformation has yielded fruitful results, and multiple brands have made concerted efforts to lead the new trend of the industry
Geely Automobile has made phased achievements on the road of new energy transformation, but there is still a long way to go. Geely will continue to increase investment in new energy and intelligence, and comprehensively promote the transformation and upgrading of electric intelligence.
On the one hand, Geely will continue to increase R&D investment and promote independent innovation of core technologies. In recent years, Geely has increased its R&D investment in the field of intelligent electrification, and has laid out a series of independent innovation technologies such as Haohan Architecture, Leishen Power, Flyme Auto system, Galaxy NOS, Aegis battery, and "Dragon Eagle No. 1" chip. The continuous implementation of these black technologies will continue to inject strong impetus into Geely's new energy products.
On the other hand, Geely will further leverage the advantages of multi-brand synergy. At present, Geely has built a brand matrix covering a variety of power forms, including the high-end pure electric brand Zeekr, the mid-to-high-end electric hybrid brand Galaxy, and the mainstream new energy brand Lynk & Co. Each brand will closely focus on user needs, make breakthroughs in product strength, brand positioning, etc., and form differentiated competitiveness.
Geely will give full play to its advantages in scale and systematization, continue to reduce costs and increase efficiency in the supply chain and manufacturing, and improve the cost performance of its products. Geely will also accelerate its global expansion and continue to expand overseas markets.
In the face of increasingly fierce industry competition, Geely is confident that it will win the final victory on the track of new energy intelligent transformation through its own advantages. Geely will adhere to long-termism, adhere to quality and safety, and bring users a high-quality new energy intelligent travel experience.